An unlikely name is doing well

United Technologies shares moved higher Tuesday after the multinational reported better-than-expected earnings before the bell. The company beat analyst estimates on the top and bottom lines.

The results intrigued some traders who initially worried the slowing global growth could weigh on results. United Technologies gets about 20 percent of sales from Europe, but despite the exposure, the company saw particularly strong revenue increases in its aerospace and commercial building segments and affirmed their 2014 guidance.

The old school industrial name is down around 10 percent on the year, but do strong earnings make it a buy?

"United Technologies is in a transition here," said William Blair's Nick Heymenn. "[The company] is certainly facing great headwinds in regards to the global economy."

Heymann, who rates the company as "market perform" and has a $101.48 per share price target on the stock, said while the company is well run, certain aspects of its base businesses will limit the stocks acceleration in the next few years. The restraints, Heymann said, are United Technologies' P&W engine business and its Otis elevator business in China.

But according to Mark Newton of Greywolf Execution Partners, the technicals are setting up for an attractive buying opportunity for the Dow component.

"[The charts] are starting to show increasing signs of stabilization," said Newton. "We've fallen about 17 percent since June. A key level we want to exceed is $106 [per share], if we get above there we could shift the entire structure."

Newton pointed out the stock has been in an uptrend since 2009. "The stock [has broken] its uptrend but we are getting close to a level [at $99 per share] that will be important and bullish," Newton added. "Any pullback into the late 90s is a great place to buy."

Follow us on Twitter: @CNBCNumbers
Like us on Facebook: